Chancellor in plea to public for savings ideas

From today, anyone can go to the Government's Spending Challenge public engagement website and submit their ideas. The launch is part of plans to tackle Britain's £16bn public deficit. Britain has one of the worst deficits as a percentage of GDP in the world, according to OECD figures from February. Only Iceland and Greece have higher deficits. Public borrowing in April was revised sharply down to £8.3bn due to higher-than-expected taxation revenues. However, Britain still had the highest annual borrowing of any country in the G20 this year, according to the Treasury. Last mo...